Cube Entertainment has revealed, on 5th October, that they plan to acquire KPOP Academy in China.
On this day, Cube Entertainment has signed an MoU with Hangzhou Gold Coast Cultural Development Co. Limited (shorten as ‘Gold Coast Co. Ltd.’) to acquire ‘China KPOP Academy Franchise Business’.
Gold Coast Pvt. Ltd. is specialised in organizing cultural performance and has 16 performing theaters around major cities of China, including Shanghai and Hangzhou.
With the acquired academy, Cube Entertainment shall provide idol education programs, while providing further training and post-management for graduates of the academy in Korea.
This business agreement is expected to bring in the following:
△ Enhance corporate value of Cube Entertainment in China market
△ Generating sources of income through brands and education programs
△ Establishing a new business model
After the signing of agreement, a gradual phase of training centers, management business, cafe, merchandising plans shall be carried out. A one-stop Hallyu landmark from training to hallyu culture consumption shall be established.
CEO of Cube Entertainment, Park ChungMin stated, “Through KPOP Academy franchise business, we will be able to meet the requirement of China’s enthusiasm for education while, creating an optimized contents, thus revealing a new side of Hallyu culture.”
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Source: Money Today